White vinegar is a mild acid that will neutralize odors. It is food grade and completely nontoxic. To use it, fill a spray bottle with white vinegar and spray it over home surfaces. Mist upholstery and carpets and soak metal or plastic surface. Let the white vinegar sit for several minutes before wiping it up with a paper towel. White vinegar has a natural pungent odor but this will dissipate as soon as it dries. White vinegar is also a disinfectant that will kill bacteria and mold spores.
Baking soda is a common ingredient in many odor-removing substances. This is because it is natural, food grade and it will absorb odors from delicate surfaces that can't get wet such as silk carpets, suede upholstery or other sensitive fabrics. To use it, sprinkle baking soda over the object and let it sit for several hours. Vacuum or sweep the baking soda into the trash and repeat the process until the smell is gone.
White vinegar is also effective in cleaning the air. To do this, place a bowl of white vinegar in the center of every room in the basement and keep it there until the white vinegar evaporates. As it does, it will neutralize odors in the air and keep it smelling fresh.
Prevent smells by ensuring that your basement isn't overly humid. Humid basements will attract mold and mildew growth, which off-gases musty odors when it grows. Lower the humidity by installing a dehumidifier in your home. Remove any objects that have actually been visibly decayed by mold. It is very difficult to completely remove mold from these objects and even harder to remove the musty mold odors.