Why parging is important in basement waterproofing?

Parging itself isn't specifically waterproof, but it can be immensely beneficial to the overall waterproofing process.

Adding a layer of parging to the outside of your home's foundation walls will provide an extra barrier for any water-proofing membranes or coatings applied. This generally means that your waterproofing can be effective for longer.

Improves structural integrity

Even small cracks and holes in your foundation can turn into a big problem if not addressed. This can be expensive for homeowners to repair, as well as lead to unnecessary stress.

Parging covers any existing cracks on the walls and adds an extra layer, increasing the strength of your walls and their structural integrity. A parge coat will also prevent water from freezing in the cracks and holes, which is a common cause of damage.

If you live in an area with occasionally extreme snow and rain, a parged foundation will really help prevent unwanted cracks, damage, and holes over time.
 
Improves your basement's energy efficiency by keeping heat in.

Parging your walls will not only make them stronger, but it also helps keep the heat in while reducing your energy usage. All those small cracks in your wall slowly release the warmth from your home.

Covering those cracks means that the heat stays in and you reduce your carbon footprint as well as saving money on heating bills.