Good waterproofing is a wise investment. It is not just a coating but a whole system. Waterproofing a new home's concrete foundation turns it into a usable basement. Foundation waterproofing involves the application of a waterproof coating onto the exterior of a foundation. These waterproofing coatings have rubber polymers that allow the waterproofing to span cracks in a foundation. Waterproofing provides a barrier that stops water from entering into the interior of a basement.