A full reclad usually involves removing the exterior 'skin', or cladding material from your house, inspecting and repairing the timber framing, then reassembling using current materials and construction techniques. A full reclad is recommended when the cost of target repairs becomes too high, or the reliability of target repairs cannot be guaranteed.
Target repairs are repairs to only the area showing obvious damage, or areas that are known to be constructed in a way that may allow moisture entry and/or structural damage to the building. Because the cost of a target repair is considerably less than a full reclad it is a very attractive option to many home owners.
The Quick Fix
A tube of silicone or a builder replacing the waterproof membrane on your deck may appear to be an effective solution to your problem, but the 'quick fix' comes with risks.