Never having existed until now. Not yet used. In theory, one school of thought states that in relationship to improvements on land, there is no such thing as 'new' since each component of homes, such as lumber, fixtures, shingles, etc...has first already been exposed to natural forces (the elements), and natural forces cause depreciation. Because the improvements have been exposed, they are said to suffer from depreciation, regardless of the amount of depreciation detectable. In appraisal theory, appraisers will often refer to the improvements as a "recently constructed dwelling or structure" versus a new home for accuracy and to not mislead the principals as the true nature and state of the improvements.