A musty basement odor can frequently develop that is difficult to get rid of. This smell is caused by moisture in the basement, either caused by leaks or by condensation in the basement. Waterproofing the basement will prevent further moisture problems and can alleviate the musty odor in the basement. Waterproofing a basement will also increase the value of your home, and will prevent insect infestations. It will also eliminate the possibility of electrical shocks and potential damage to the home’s foundation that could be caused by water damage. Waterproofing is a good idea even if the basement is only used for storage, though, as mold and mildew can damage any items stored in a damp area.