Or you might even end up in Peng Chau Island (19 years and counting)! Living on an island has its pros and cons...
Pros: Possibly a larger apartment for a cheaper rent, better view, relatively cleaner air, occasional sea breeze, more of a community, fishing, beach with the kids, great place for kids to roam around freely
Cons: No ferry service during Typhoon 8 and 10 (they usually give out a notice an hour or so ahead so you don't get stranded on HK Island if you're heading home), rain storms are the worst since I'm tall and I have around 10 minutes of walking downhill to get to the pier, sweat profusely on the way down to/ up from the pier, a handful of critters and snakes, and a lot of walking/biking since the only vehicles are mini ambulances and fire 4 wheelers (on Peng Chau)
Edit: Another setback is your daily life will very likely revolve around the ferry schedule, since thats your only mode of transportation in and out of the island. If you go out at night, you have to catch either the 12am, 3am, or 6 am ferry since there's nothing else in between.