If your home comes with standard baseboard moulding and you'd like to have a more luxurious trim without having to dispose of your current perfectly-good moulding, you can simply add a line of cheap 1.2cm trim moulding 5.8-7.6cm above your baseboard moulding and painting the wall between the two pieces the same colour.
Remodelling weblog The House of Smiths came up with this idea when remodelling a bedroom. Use a piece of wood of the desired thickness of the gap to make sure your trim moulding is evenly spaced. You can then tape off the top and bottom and paint the entire new moulding area; trim, wall and baseboard the same colour. You'll get the improved aesthetics of tall baseboards at much better price.
Amazing Cheap Faux Baseboard Tutorial [The House of Smiths]