Most people hate wasps, but I don’t. When I was a little kid, my dad took down a neighbor’s wasp nest and put it in a jar for me and I thought it was the coolest thing. I’ve loved them ever since. As long as they are not right next to your door or a high traffic area, they usually won’t bother you at all. Many times, they kind of get used to you walking by. One time, I saw a large nest under a lifeguard’s post at a busy pool. The lifeguard sat up there and kids were running back and forth but the wasps never attacked anyone. I don’t think anyone even knew it was there but me. If I get a call about an exterior wasp nest, I will place the nest and wasps in a wooden box with an opening for them to get in and out. After they settle down, I’ll cover the hole and take them to my bee sanctuary where they can do what they do unharmed. (Update: No I won’t. I’ll put them somewhere else) Then I can watch them hunt and carry their prey back to the nest. (Here is a cool video of a Bald-faced Hornet battling a giant Horsefly). If their prey happens to be too many of my honeybees (unlikely), well then I’ll just have to move them further away.
Yellowjacket nests in walls are a different story. I wouldn’t attempt to cut a large yellowjacket nest out of a wall. I’ve been unsuccessful at spraying them for people. I would suggest that a professional pest-control company take care of them. If you have a yellowjacket nest in a wall, I recommend the following local pest control companies who do not exterminate honey bees: