If my phone is synched and connected via my home wifi network but out of bluetooth range (big house), can I send out any text messages or calls?

I have an Iphone 5s and am about to buy a 6plus. I am also considering an Apple watch. My question is about the type of connectivity between the phone and the watch.

I live in a good sized house with some masonry interior walls, so I cannot expect that the Bluetooth connection will work unless the watch and phone are in the same room. However, I also have a home wifi network that meets technical standards that my phone recognizes automatically without having to enter a password. I read that the watch can connect to the phone via this network if they are both within range of this wifi.. This would have obvious benefits in that I wouldn't have to always carry the phone in my pocket while moving around the house.

A major issue for me is not whether the watch can receive updates or notices from the phone (I gather it can), but whether there is any way to send out, ( initiate as well as answer), any type of text or call from the watch if it is only connected to the phone via wifi? In other words is it a "receive only" type of function in those circumstances?