If all you want to do is to extend the line in both directions you can use shorten >=<length> and shorten <=<length> and provide a negative length:
\draw [shorten >= -0.25cm, shorten <=-0.30cm] (V1)--(V2);
To be able to see this, I have defined new coordinate (V1') and (V2') which are offset horizontally from the original. The black line is your manually extended line from (V1) to (V2) (ie, (V3)--(V4)), and the red is a line from (V1') -- (V2') extended using the shorten specification. The location of each these coordinate is shown by the blue circle.

Code:
\documentclass[12pt]{book}
\usepackage[utf8]{inputenc}
\usepackage[T1]{fontenc}
\usepackage{tikz}
\usetikzlibrary{calc}
\begin{document}
\begin{tikzpicture}
\coordinate (V1) at (0.5,2.25); % initial point 1
\coordinate (V2) at (1.5,3.25); % initial point 2
\coordinate (V3) at ($1.2*(V1)-0.2*(V2)$); % offset 1
\coordinate (V4) at ($-0.2*(V1)+1.2*(V2)$); % offset 2
\draw [black, thick] (V3)--(V4); % line with offset (manually extended)
%% Shift the coordinate to be able to see the result
\coordinate (V1') at ($(V1) + (0.50cm,0)$);
\coordinate (V2') at ($(V2) + (0.50cm,0)$);
%% Draw line but extend it in either direction (extended via shorten)
\draw [red, thick, shorten >= -0.25cm, shorten <=-0.30cm] (V1')--(V2');
%% Show the location of the coordinates -- useful for debugging
\draw [thin, gray,-latex] (V1) -- (V1');
\draw [thin, gray,-latex] (V2) -- (V2') ;
\foreach \name/\placement in {V1/left, V2/left, V3/left, V4/left, V1'/right, V2'/right} {%
\node [fill=blue!50,shape=circle,inner sep=1pt] at (\name) {};
\node [gray, \placement] at (\name) {\tiny $\name$};
}
\end{tikzpicture}
\end{document}