My original plan was to fix the holes in the drywall and paint the walls a nice two-tone design, as many here have done. I read all the pros and cons of using paint or tape to separate the colors, and I was just about to order some tape. But then I stumbled on a different idea that had the advantage of being free.
In the basement was a bunch of leftover molding of the kind that had been used inside the house around doors and along the floors. I thought, "Hmmm, instead of trying to get the tape straight, or worse yet, trying to paint straight, I could use the molding to separate the two colors. It will be hard to get that crooked."
Of course that meant I needed to rethink my color choices because my original plan of garage-like tones, such as dark blue below and gray above with a red stripe, would not have worked with the wood-tone molding. So I chose more house-like colors. I'm sure it's not to everyone's liking, but again, the molding was free.