Timeshares are big business in Myrtle Beach area. What are they and are they worth it?

It’s no secret that tourism is key to the economies of Myrtle Beach and other coastal Horry County cities and towns.

A key to keeping those tourists coming back year after year has been the growing availability of timeshare properties in the area.

Timeshares often carry the burden of negative connotations associated with lengthy pitch presentations, but what are they exactly? The advantages? The disadvantages? Here’s what we know about the industry and its impact on the Grand Strand:

How do Myrtle Beach timeshares work?

By definition, timeshares constitute a shared real estate arrangement where multiple different parties pay to own a stake in the same vacation property, according to Investopedia.

In practice, timeshares can have different meaning depending on which company is offering it. Some won’t even necessarily advertise them as timeshares, opting for phrasing like “vacation ownership.”

Buying from smaller, family-owned timeshare companies will typically mean you have a specific property that is yours to visit during certain dates every year, and you’re paying for that right whether you actually use those vacation days or not.

Many of the bigger, national and international hospitality companies offer timeshares that allow the owners to visit different properties across the country or world, often based on a points system.

What timeshare properties exist in the Myrtle Beach area?

There are at least 18 different companies that offer timeshare properties in the Grand Strand, according to the Better Business Bureau.

There’s a mix of larger companies with well-known names including Marriott, Wyndham and Westgate Resorts and smaller companies based locally including Oceania Family Resorts and Riptide Beach Club.

Some of the smaller companies partner with the larger companies to give owners the ability to visit other destinations. Plantation Resort in Surfside Beach, for example, notes on its website that it partners with Wyndham Destinations.

Is the Grand Strand a timeshare hot spot?

Alicia Thompson, head of the Myrtle Beach Area Hospitality Association, told The Sun News that the timeshare industry is “booming” along South Carolina’s coast, perhaps second only to Florida beach towns.

Thompson, who previously represented Marriott as an attorney, explained that timeshare owners represent a significant portion of the hospitality industry locally.

She attributed that success to significant and continued investments by the accommodations companies to improve the inventory here, both in quality and diversity of room types.

Recent local projects include the opening of Ocean Enclave by Hilton Grand Vacations Club, a 27-story luxury hotel, and Westgate Myrtle Beach Oceanfront Resort’s new $18 million, nine-story parking deck.

What are the negatives associated with timeshares?

As the timeshare industry has continued to grow and evolve, a secondary niche industry has taken been established to help timeshare owners get out of their contracts.

TimeShare BeGone, based in Murrells Inlet, is one of those businesses that’s been operating for about 15 years.

Owner Myron Smith said he started the company after helping out some relatives who were having difficulties escaping their timeshare commitments, which often present lifetime financial liabilities that can often be passed down to children and grandchildren.

He’s heard many horror stories in his time, he said, explaining that timeshare companies can ruin people’s credit ratings with high interest mortgages and maintenance fees.

Smith said the key for consumers is to beware the “greed of the gift,” noting that timeshare companies typically entice people to attend presentations by offering freebies such as Carolina Opry tickets or even a short hotel stay.

“Nobody wakes up in the morning and says, ‘Let’s go buy a timeshare,’” he said. “There’s not a financial advisor in the country that is going to recommend anyone buy a timeshare.”

Smith noted that timeshare agreements are very difficult to escape, and it typically takes him 4-12 months to help customers.