krnl said:
If the cedar underneath is in good shape, I'd seriously consider keeping it. In the short term, it should be less expensive to paint it than to replace everything with the hardiboard, even if you repaint it a second time in about 10 years.

There are pros and cons to each option. Cost of restoring or replacing with Hardie Planks is very similar. Love the look of wood but hate the maintenance cost, so overtime restoring the wood will be most expensive option since we will have to paint every 10yr +/-. I love the way Hardie looks but adding Hardie Planks raises some concerns about reducing efficiency on the outside of the house. Hardie is installed against the plywood with just the water proofing layer. This means that the cedar planks as well as the insulation layer under the aluminum and the aluminum will be removed. I am a bit concern that this will remove some of the insulation and make the house less efficient.
Has anyone done this or something similar? What was the outcome?