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Really doesnt matter.The soffit slides into the top piece of molding. Thinks its called "F' channel. when buying you vinal you will see the differant moldings required
My buddys that are builders seem to do the soffet and metal work first then the siding.We just installed new windows in my bedroom and had to rip all the siding off and redo it what a pain in the you know what.
Sometimes if you run the soffit first on an old house you will need to do a lot of trimming on the top piece of siding to account for irregularities where it meets the soffit. This can be a pain and will show if the top piece ends up being only a few inches high. If you run the siding first you can ususally cut the top row one even height and then adjust the soffit up & down to meet it.
Also, soffit J channel can be turned on edge and nailed through the back rather than using F channel with nailing slots. The dimmensions of the channel are small enough that I've never seen it buckle from expansion, at least in the Northeast. Arizona summers may be another story.
Although not the "textbook" method, I'm from the school of running the siding up "wild" (meaning past the soffit line) & then snapping a chalk line from return to return for the soffit channel. For some reason, "F" channel is expensive, & I have always preferred aluminum soffit J channel, even when using vinyl soffit (assuming both are half-inch). They make a nailer tool for nailing the half-inch back of the channel, or you can use a nail set. Another method is to cut flaps in the nailer face & bend them up.
The one thing you MUST do when using this method is to drill a hole a little bigger than the nail shank when nailing the channel through the siding (for expansion).
In my early days, I did it the "correct" way (using undersill trim & a snap-lock crimping tool) but had non-uniform results & costly callbacks.
As for the rest of the job, just remember to leave an expansion gap everywhere & nail loosely in the middle of the nailer slots...I make my guys slide each piece after nailing to make sure it's not nailed too tight. Darker colors will expand more than lighter ones.
Also, what the previous poster said about the last course being "crooked" on an older house can be avoided by measuring down from the returns or existing soffit at each corner to get your starter line. Throw away your level on an old house & line the siding up this way or line it up to the windowsills.
In my early days, I did it the "correct" way (using undersill trim & a snap-lock crimping tool) but had non-uniform results & costly callbacks.
Had the same problem when I did my siding back in 95 top piece would always slide down those crimpers make a good paper weight.When I had some more work done (windows and siding)my buddy that did it would use clear silicone on the top piece(just alittle where it snaps in)and it has worked great no more drooping siding.He worked for one of the best custom buiders in the area and told me he learned early on that those crimpers never do a good job as they do alot of homes right on the water and wind would pull the siding right down.
It amazes me the amount of things you can learn here. Yet another use for silicone caulking besides fixing leaky boots & bicycle inner tubes. Most useful invention since WD40, duct tape & JB weld. Also, I second Glenn Ford's advice re: the level on an old house. Measure down & snap a line. Much easier than leveling the house.
I've used dabs of caulk to adhere the top course too, not recommended but it works.
Speaking of caulking, don't forget to use it around the windows & doors.
Silicome caulk is easy to use but it does have it's limitations...some brands mildew, and I've had it separate from some surfaces over the years.
What I've been using lately is "Quad" by OSI, a very "meaty" caulking that can be hard to get out of the tube (Geocel is even worse & that's why I don't use it). This stuff must also be tooled immediately (sets up instantly).
Lowes is carrying it at about 5 bucks a tube...a good buy compared to the cheapo caulkings that are very "creamy" and have air pockets.