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I have a utility building/workshop built in 2003 which is covered with T1-11 siding directly over the studs. There is no other barrier between the siding and the inside of the building. Over the years, the siding has started to deteriorate in some places near the ground. This building has a concrete floor and the bottom of the siding covers the very top of the concrete pad. I need to repair the bottom of the siding before the damage gets worse at which time I would need to replace the whole sheet of siding. The easiest thing to do would be to cover the bottom of the siding with pvc trim or hardie board etc. directly over the damaged siding. However, I am thinking most of you guys would prefer to cut off the damaged siding all the way around and then apply the trim directly to the studs with maybe some z-flashing etc. So my question is would just covering it up and caulking the top of the trim be acceptable?