If you want to hang something from your vinyl siding, don't even think about drilling through it to attach a hook to the sheathing. This renders the siding vulnerable to moisture and voids the warranty, even if you seal the hole. There are at least three alternative ways to do it.
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The easiest and safest way to hang something from vinyl siding is to use a siding hook. It slips into the groove between adjoining slats, and once it clicks into place, you can hang items as heavy as 12 pounds. Most hooks are stainless steel, so they won't corrode, and they are easy to remove when you're done with them.
If you need to hang something heavier than 12 pounds, you can remove a slat, screw a wire into the sheathing and replace the slat. You may have to make a small notch on the lower lip of the slat for the wire to pass through. A third alternative is to hang a light item from a suction cup attached to the siding, but this only works if the siding is smooth and untextured.
Chris Deziel is a contractor, builder and general fix-it pro who has been active in the construction trades for 40 years. He has degrees in science and humanities and years of teaching experience. An avid craftsman and musician, Deziel began writing on home improvement topics in 2010. He worked as an expert consultant with eHow Now and Pro Referral -- a Home Depot site. A DIYer by nature, Deziel regularly shares tips and tricks for a better home and garden at Hunker and Family Handyman.