Honey bees will do no structural damage to a building. Unlike other pests, such as termites or carpenter bees, honey bees do not chew or eat wood. Some people choose to leave the colony alone and have had bees inside a wall for many years. If you do decide to exterminate them, any large quantities of honey left behind should be removed to avoid staining and destruction of inside walls or ceilings. The honey and nest debris may also attract other insects pests and rodents.
Honey bees reproduce by swarming where part of the old colony leaves to seek a new homesite.
If the the entrance hole is plugged, the bees will look for another exit. They may find another crack or opening or they could follow light and enter your living quarters instead through gaps in baseboard, electrical outlets or vents. However, removing the bees usually takes a lot of time and effort once they've moved within a wall. The value of the bees, alone, is not sufficient to justify the effort and liability of involved in removing them. Fewer and fewer beekeepers are willing to do this, and those who do, often charge a fee and may still leave the responsibility of any repairs up to the homeowner.