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Yes, water and water vapor can seep through cracks in your basement floor, which means you should address all basement floor cracks, even if they don’t indicate structural issues. Sealing settling cracks and shrinkage cracks is a good idea to keep water and moisture outside where it belongs. Doing so can improve your indoor air quality, reduce the risk of mold growth, make your home more comfortable, and help prevent pest infestation.

The cost of basement waterproofing is $4,950 for the average homeowner. However, you could end up paying between $600 and $14,000, depending on factors like basement size, waterproofing method, and the region you live in. 

If you live in an area with heavy rainfall, you might be paying more for waterproofing than if you lived somewhere drier since waterproofing contractors would be in high demand. Likewise, a 500-foot basement costs between $2,500 and $5,000 to waterproof, but that price rises significantly for a larger basement.

The best basement waterproofing method depends on the issue you’re trying to solve. For example, if you have standing water on your basement floor, a floor drain or sump pump might be your best solution. Or, if you have standing water around your foundation, installing a drainage system that protects your basement and foundation might be better.

Mold and mildew are the things in basements that actually cause the musty odors, but moisture is the underlying issue that causes mold and mildew growth. Addressing moisture and water problems and then removing materials that are moldy are some of the best ways to get rid of the musty odors. Preventive measures after that—like installing air fresheners and a dehumidifier—can help keep musty odors from returning.